Borrowing costs and oil are climbing at the same time the whole economy leans on AI spending — bad news for stocks, and for anyone holding debt.

• Michael Burry now thinks the AI bubble could pop sooner than he first expected, since the boom depends on companies borrowing to keep spending; one bad earnings season could break it.
• Government bond yields have pushed past 5% and Brent crude is above $105, so borrowing is the most expensive it has been since 2007.
• Data center building is now the biggest infrastructure wave in modern US history, bigger as a share of the economy than railroads or the dot-com build-out, and it needs far more power than the grid has.
• Weak spots are already showing: subprime car loans are going bad, and places like Dave & Buster's and Lucky Strike are losing customers while carrying heavy debt.
• Trump is promising $5,000 checks funded by tariffs and pointing to doubled 401(k) balances, while officials shift to weekly wages because people are working longer hours to keep up with prices.
• The administration opened Venezuela's gold trade to US-linked firms after Maduro's removal, but hundreds of millions in gold bars sit unsold in US warehouses because refiners won't certify them as clean.

Outlook: Expect individual company blowups rather than one single crash day, with high rates and expensive oil doing the damage first.